Crop and Livestock Markets Lower at Midsession

Corn futures are trading lower at midsession. The lack of fund buying and bearish fundamentals are weighing on the market. Improved weather conditions in Argentina and USDA's bearish supply/demand revisions last week remain negative factors. March is 3 1/4 cents lower at $2.05 1/2 and May is 3 1/4 lower at $2.15.

Soybean futures are lower at midday. Technical weakness and improved weather conditions in Argentina are weighing on the market. Crop conditions are generally favorable in Brazil. March is 5 3/4 cents lower at $5.65 1/2 and May is 5 3/4 cents lower at $5.75.

Wheat futures are lower at midsession on sluggish export demand and the lack of fund buying. Egypt snubbed the U.S. in a weekend export tender and weekly export sales last were only about half of the previous week. Spillover weakness is also coming from corn and soybeans. CBOT Mar is 4 3/4 cents lower at $3.24, KCBT Mar is 3 cents lower at $3.72 1/4 and MGE Mar is 4 1/2 cents lower at $3.81 1/2.

Cattle futures are lower at midday after opening higher. Profit-taking has turned futures lower despite ideas of higher cash sales this week and firming boxed beef prices. Weakness is also being attributed to ideas of that the Cattle on Feed report this Friday will be bearish. February is 38 cents lower at $96.18 and April is 30 cents lower at $94.65.

Lean hog futures are trading lower at midsession. Futures premium to cash and lower pork prices are weighing on the market. Cash bids are mixed again today, but pork cutout losses of $1.32 yesterday has curbed packer margins. February is 28 cents lower at $59.20 and April is 48 cents lower at $64.15.